On the other hand we have the inflation thanks to money printing spree that governments had over the past couple of years and don't seem to want to slow down. Which means price of everything is rising even more while fiat value keeps dumping.
In my experience when fiat is dumping people will look for a way to keep their
purchase power or at least part of it. That is achieved by investment. I believe bitcoin has become a viable investment for many because of its deflationary nature and the fact that it has been performing excellently all these years.
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No one is dumping fiat. Even a proper deposit may allow to cover the inflation and there are many ways of saving money without buying volatile shitcoins. Single day crypto correction may cut more than annual inflation in fiat. Buying crypto is a stupid move if your purpose is only to save your money.